The Fair Market Value (FMV) for vehicle information is foundational information that you need to provide a fair policy price to your customer. A simple ctrl-F (search) may have gotten you by lately but if don't want to get left behind by the megatrend of Digitalization, you need to level up your game.
Even if you want to go digital, the rigidness of the FMV from PIRA is really a huge roadblock:
- Filtering columns in the spreadsheet is almost a given but the current PIRA FMV reference file makes this an impossible task. How do you usually solve this? Do you hire another person to re-write the whole file in the format that you need? Then you need to watch out for human errors in that effort.
- Even in the reference PIRA FMV file, did you know that there are clerical errors in there as well? In the
published April 2021 PIRA FMV reference file, there are several errors.
- We counted 6 errors in the FMV value. An example would be the 2015 Hyundai Eon GLX 800cc Gas M/T Hatchback FWD 5-Seater. The reference file placed a wrong decimal point in the value of the vehicle. Yes, you might recognize this because you are human but your computer and business processes will only be as accurate as the data you feed it.
- We found 48 duplicate instances in the FMV values for the same car, how would you decide which is the correct FMV? Highlighted below is a sample duplicate which is for the Toyota HiAce Super Grandia Elite 2800cc Diesel A/T RWD Van 10-Seater. Do you want to try to find the other 47 instance that has duplicates in the PIRA FMV reference file? I'm sure you have better things to do, so just email us at email@example.com to know this information.
2015 Hyundai Eon GLX 800cc Gas M/T Hatchback FWD 5-Seater with Faulty Valuation of 1.35M Pesos
Duplicate FMV Values for Toyota HiAce Super Grandia Elite 2800cc Diesel A/T RWD Van 10-Seater
- Have you turned away customers seeking a motor policy because their car is 8 years old or older? Maybe you did in frustration because your FMV information from PIRA is limited to the past seven years only.
- The current FMV does not differentiate the value between a car then is less driven than a car that has a lot of mileage at its back.
Try Filtering this Table!
Car Value Calculator Built for your Digitalization Strategy
CarSurvey Business solves all of these problems for you. CarSurvey Business is for Non-life Insurance Companies and Insurance Price Adjusters who are dissatisfied with the rigid fair market value information for vehicles that they getting from PIRA.
CarSurvey is the ONLY online used car appraisal tool for the Philippines Used Car Market that provides a web Application Interface (API) that can easily be integrated into different business processes. The API and the database can be easily formatted depending on your business needs. We also have a robust verification process that highlights clerical errors from the reference file so that you'll have a database that you can trust.
PIRA FMV plus Car Value Market Information in the Philippines
Unlike other appraisal tools, CarSurvey Business combines industry reference information with up-to-date market information. This results in a data-driven assessment tool to better serve your customers.
CarSurvey Business allows you to extract more information from the PIRA FMV by extending the FMV values by up to 12 years, or longer if needed. The FMV of vehicles can also be adjusted based on the odometer reading of your customer. With this, you can provide discounts to customers who drive less and extract more value for drivers who needs insurance more, as they drive more.
Just play around with our demo tool to understand better how our Car Value Market Calculator works.
CarSurvey Business Car Value Results
Jumpstart Your Online Selling Platform
You can easily integrate our CarSurvey Fair Market Value Calculator to start your online selling platform. Just copy the iframe html code below and paste to your website.
We try our best to provide all the things that you need to enable your business. If we miss anything, please let us know by sending us an emal at firstname.lastname@example.org or leave us message in the form below.